When you buy a two-wheeler, you will certainly take care of it. Moreover, to do the same, it is wise to purchase two-wheeler insurance. However, to select the right insurance policy for your two-wheeler, you must compare various two-wheeler policies online. Do not make any decision before looking into all the different bike insurance plans that are available in the market so that you can select the best insurance policy for you.
Here’s how you can reduce your two-wheeler insurance premium:
If the coverage is high, premium commanded by the insurance company is also high. Make sure to go through the policy details as well as choose the coverage that is optimum in terms of the sum insured as well as premium. Consider additional coverage options but decide wisely as they also add to your premium. Use the online two wheeler insurance premium calculator for this purpose.
Companies will also offer your vehicles No-Claim bonus if you have not made any claim in the past. Drive safely, because if you are a good driver who follows the rules of road safety and abide all traffic laws, you are less likely to be involved in an accident. This would help you retain your No Claim Bonus, accumulate it and receive higher concessions during renewal.
One more option is modifying your voluntary deductible amount. Your insurer will inform you regarding compulsory & voluntary deductibles that you need to pay every time you file an insurance claim for your two wheeler. The voluntary deductible is a variable amount that is declared by you, the insured. The higher the deductible amount, the lower the premium rates of the policy you plan to purchase.
What should you consider before comparing bike insurance?
Looking for the best bike insurance could be a little confusing. However, it could be more comfortable if you’ve compared your two-wheeler insurance online. To buy a bike insurance policy, consider the below-mentioned points and get the policy that suits your needs.
Two-Wheeler Insurance Policy Type
Before comparing two-wheeler insurance, keep the following two options in mind:
- Third-party cover- Purchasing this policy is mandatory, according to the Motor Vehicles Act, 1988. Although, it only covers liability towards third-party damage.
- Comprehensive cover- This policy is entirely optional and covers for damages caused to your own vehicle due to damages inflicted by natural disasters such as earthquakes, hurricanes.
Covers offered under the bike insurance policy
- a) Collision cover
- b) Vandalism cover
- c) Bodily injury liability coverage
- d) Property damage liability coverage
- e) Personal injury protection etc.
A determining factor is the Insured Declared Value (IDV) of your vehicle, as it is the value for which your vehicle is insured and remains fixed during the term of the policy. It plays a very significant role in deciding your bike insurance premium.
Various factors affect the cost of your premium, such as make and model of the bike, year of manufacture, place of registration, cubic capacity, etc. Therefore, to choose the best affordable bike insurance, compare bike insurance online and know the premium.